MCOtoATL From United States of America, joined Sep 1999, 474 posts, RR: 4 Posted (12 years 7 months 2 weeks 5 days 4 hours ago) and read 1420 times:
With United Airlines declaring Chapter 11, many people in the US are obviously unclear about this process. United Airlines is not going out of business; chapter 11 provides some protection form creditors as the carrier seeks to restructure.
This made me wonder about how US bankruptcy compares to that of other nations. Do struggling carriers simply disappear in various countries, or are their steps to try to turn the tide?
Luisca From , joined Dec 1969, posts, RR:
Reply 4, posted (12 years 7 months 2 weeks 4 days 22 hours ago) and read 1362 times:
Here in panama if you cant pay up you simply say BYE BYE. Unlles you can personally negotiate with the creditors to save your buissenes, goverment bail outs are banned by the constitution, but you got 4 months of grace period if you cant pay up.